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Everyone Indeed
Posted by Tim (more from Tim) on Sat, 10 Jul 2010 07:34:08
In Reply to: to further clarify, James, Sat, 10 Jul 2010 04:43:29
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Everyone including Keynes himself. John Maynard K. put together "General Theory" after the government was already in deep deficit, not during the previous boom period, when he was too busy making and losing his fortune just like everyone else instead of saving, obviuosly not recognizing the "good time" as temporary above-trend economic phenomenon to be followed by a gut-wrenching depression. There is no need for Keynesianism at all if the policy objective is just to spend money saved from "good times." The real objective of Keynesianism is to spend money that one does not have, to "stimulate the economy," with an empty promise to pay back later. Why is that an empty promise? Because if the promise were genuine and credible, the government should be able to borrow in the bond market instead of what Keynes advocates: print fiat money.
What Keynes put together in the mid-1930's was a ball of lies and intellectual dishonesty, designed to fool a population that had been conditioned to be gullible by half a century of government education, in order to justify what the governments around the world were already doing. Before Keynesianism, people accepted the counter-produtive government interventions as emergency measures. Keynes' fraudulent "GNP/GDP" intellectual framework that commingles waste with real productivity fostered a new religion of believing ordinary selfish people in government bureaucratic robes being able to manage the economy like God.
posted by 71.184.95...
Posts in this Thread:
- Psychic moved in next door - do people really go!?, Craig, Tue, 6 Jul 2010 18:29:50
- Wow, tons of responses!, Craig, Thu, 8 Jul 2010 11:42:18
- I have a theory, TML , Wed, 7 Jul 2010 09:41:19
- Psychics are proof that some people, Noel, Wed, 7 Jul 2010 05:08:37
- Re: Psychic moved in next door - do people really go!?, Scott Paterson , Tue, 6 Jul 2010 19:58:48
- Re: Psychic moved in next door - do people really go!?, 93Gator, Tue, 6 Jul 2010 19:08:54
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